Africa's contribution to global insurance premium poor: Expert

Despite having more than 600 insurers and 40 reinsurers, Africa accounted for only 1.2% and 1.7% share of the global nonlife and life markets, respectively, in 2010, Abdel Raouf Kotb, president of the African Insurance Organisation, said.

Mr. Kotb said the figure has not changed much since then, Daily Independent reported.

Insurers have few products and coverage is shallow, Rwanda's Minister of Finance and Economic Planning, Claver Gatete, said.